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Crude Oil Edges Higher But Remains Rangebound

COMMODITIES
  • Crude oil has eked out gains today as near-term demand concerns clash with upside risks from Russian supply and a Chinese demand recovery this year. The high uncertainty in both demand and supply is keeping oil bouncing within a range with no clear direction.
  • The EIA’s short-term energy outlook sees the US accounting for the lion’s share of non-OPEC oil growth in 2024 as American drillers produce a record 12.8mbpd, above the projected 12.4mbpd for 2023.
  • WTI is +0.7% at $75.17, off resistance at $76.50 (20-day EMA) and support at $72.46 (Jan 5 low). The CLG3 sees some downside protection with most active strikes at $70/bbl puts.
  • Brent is +0.6% at $80.13, off resistance at $81.74 (20-day EMA) and support at $77.61 (Jan 5 low).
  • Gold is +0.3% at $1877.26, continuing to gain despite higher US yields as it instead benefits from a subdued dollar. Within yesterday’s range, resistance remains at $1896.5 (61.8% retrace of the Mar-Sep bear leg).
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